TCRAP_Public/120607.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, June 7, 2012, Vol. 15, No. 113

                            Headlines


A U S T R A L I A

ABC LEARNING: Former CEO Found Not Guilty of Breaches
HASTIE GROUP: Sales of Two Businesses Save 400 Jobs
RED EHP 2012-1E: Fitch Rates AUD18.38MM Class E Notes at 'BBsf'
SMART ABS 2012-2US: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
SUPER BUTCHER: Administrators Review Two Offers to Buy Business


C H I N A

SHENGDATECH INC: Seeks More U.S. Plan Exclusivity


H O N G  K O N G

INTEGRATED COAL: Goh Khoon Teen Paul Steps Down as Liquidator
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MAX SMART: Court Enters Wind-Up Order
PETS CENTRAL: Court Enters Wind-Up Order
PUGANG INTERNATIONAL: Ying and Chan Step Down as Liquidators

RIGHT LINK: Ying and Chan Step Down as Liquidators
RISESUN LIMITED: Court Enters Wind-Up Order
SUNLINK MANAGEMENT: Members' Final Meeting Set for July 3
TRAVEL 3000: Lau Chung Sun Steps Down as Liquidator
V TOOLS: Court Enters Wind-Up Order

VAST TECH: Court Enters Wind-Up Order
WELCOMHOME 86: Placed Under Voluntary Wind-Up Proceedings
WONG LO: Wong Hon Chuen Steps Down as Liquidator
ZYREL LIMITED: Creditors' Proofs of Debt Due July 3


I N D I A

AEGIS LIMITED: Fitch Affirms LT Foreign Currency IDR at 'BB-'
AKASH CERAMICS: ICRA Reaffirms 'BB+' Rating on INR79.51cr Loans
ARRAH RE-ROLLING: ICRA Reaffirms 'B+' Rating on INR13cr Loan
CHAITANYA EDUCATIONAL: ICRA Puts 'B+' Rating on INR35cr Loans
CLETA REAL: CARE Rates INR75cr Secured NCD at 'CARE BB+(SO)'

D.B. MACHINE: ICRA Assigns 'B+' Rating to INR6.35cr Loans
HOLDWELL COMPONENTS: CARE Puts 'BB+' Rating on INR4cr LT Loan
INNOTECH EDUCATIONAL: CARE Rates INR25.5cr Loan at 'CARE B'
INTERACTIVE MEDIA: ICRA Assigns 'B+' Rating to INR6.5cr Loans
MOHAN MEAKIN: ICRA Cuts Rating on INR55.2cr Loan to 'B+'

PRIYANSHI CREATIONS: ICRA Puts 'BB-' Rating on INR7.25cr Loans
PUSHPA SALES: CARE Places 'BB-' Rating on INR7.5cr LT Loan
SILKON SYNTHETICS: ICRA Assigns 'B+' Rating to INR10cr Loans
SONI AUTOMOBILES: CARE Puts 'CARE BB-' Rating on INR4.25cr Loan
SRI BAJRANG: CARE Rates INR6cr Long-Term Loan at 'CARE B+'

SUCHIRINDIA INFRATECH: ICRA Puts 'C' Rating on INR25cr Loans
VERSATILE ENGINEERS: ICRA Assigns 'BB-' Rating to INR8.53cr Loans


J A P A N

OLYMPUS CORP: Panasonic to Invest Up to JPY50BB in Capital
ORIX-NRL TRUST: Moody's Cuts Ratings on 5 Cert. Classes to 'C'


K O R E A

GS-CALTEX CORP: Moody's Says Reshuffling No Impact on Baa2 Rating


N E W  Z E A L A N D

CRAFAR FARMS: Receiver Fees Reach NZ$7 Million as of April 4
FIVE STAR: Former Director Gets Home Detention
GFNZ GROUP: S&P Puts 'CCC-' Issuer Credit Rating on Watch Neg.


P H I L I P P I N E S

VITARICH CORP: To Raise Capital Stock as it Seeks "White Knight"


S I N G A P O R E

STAR BULKSHIP: Creditors' Proofs of Debt Due July 1
TEOW AIK: Creditors Get S$0.15488 Recovery on Claims
WALLPILE PTE: Court Enters Wind-Up Order
XINYA ADVERTISING: Creditors' Proofs of Debt Due July 2
YOSHIDA (S): Court Enters Wind-Up Order


V I E T N A M

INTERNATIONAL TEXTILE: Techcombank Takes Hold of ITG-PP's Assets


                            - - - - -


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A U S T R A L I A
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ABC LEARNING: Former CEO Found Not Guilty of Breaches
-----------------------------------------------------
Australian Securities and Investments Commission said that an
executive director of ABC Learning Centres Ltd was on June 5,
2012, found not guilty of criminal charges of breaching his
directors' duties.

ABC's former Chief Executive Officer Australia and New Zealand
Operations, Martin Vincent Kemp of Daisy Hill, Queensland, was
found not guilty after a four week trial in the Brisbane District
Court.  Mr. Kemp was found not guilty of one count of breaching
section 184(2) and one count of breaching section 184 (1) of the
Corporations Act 2001.

The charges were brought in early 2011 following an ASIC
investigation, commenced in November 2008, when ABC was placed
into external administration.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

                       About ABC Learning

Based in Australia, ABC Learning Centres Limited provided
childcare services and education in more than 1,200 centers in
Australia, New Zealand, the United States and the United Kingdom.

In November 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


HASTIE GROUP: Sales of Two Businesses Save 400 Jobs
---------------------------------------------------
The Sydney Morning Herald reports that Hastie Group has sold two
of its subsidiary firms, which will allow more than 400 workers
to stay in their jobs.

SMH relates that the voluntary administrator for the Hastie Group
announced Tuesday it has sold the two firms, Cooke and Carrick
hydraulics and D&E air conditioning.

Cooke and Carrick is based in Tullamarine and employs 134 people.
D&E, from Rowville, provides air conditioning and mechanical
services, and employs 274 people.

According to the report, Ian Carson, the chairman of
administrator PPB Advisory, said it was an excellent outcome.

Under the terms of the sale, SMH relates, the respective
purchasers of Cooke and Carrick and D&E Air Conditioning have
agreed to provide continued employment to each of the businesses'
employees.

SMH notes that the administrator is in discussions with a number
of other parties regarding the possible sale of further
businesses within the Hastie Group.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


RED EHP 2012-1E: Fitch Rates AUD18.38MM Class E Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has assigned ratings for Series 2012-1E REDS EHP
Trust. The transaction is an asset-backed securitisation of
automotive loan receivables. The ratings are as follows:

AUD112.00m Class A-1 notes: 'F1+sf';
AUD313.04m Class A-2 A notes: 'AAAsf'; Outlook Stable;
GBP100.00m Class A-2 G notes: 'AAAsf'; Outlook Stable;
AUD26.25m Class B notes: 'AAsf'; Outlook Stable;
AUD21.00m Class C notes: 'Asf'; Outlook Stable;
AUD20.12m Class D notes: 'BBBsf'; Outlook Stable;
AUD18.38m Class E notes: 'BBsf'; Outlook Stable; and
AUD28.00m seller notes: not rated.

The notes have been issued by Perpetual Trustee Company Limited
as trustee of Series 2012-1E REDS EHP Trust. The Series 2012-1E
REDS EHP Trust is a legally distinct trust established pursuant
to a master trust and security trust deed.

The ratings of the Class A notes are based on the quality of the
collateral; the 16.25% credit enhancement provided by the
subordinate class B, C, D, E and seller notes; a liquidity
reserve account of 1.25% of outstanding notes, funded by issue
proceeds; an interest rate swap provided by Bank of Queensland
('BBB+'/Stable/'F2'); the standby interest rate swap provider,
Australia and New Zealand Banking Corporation (ANZ, rated 'AA-
'/Stable/'F1+'); and BOQ Equipment Finance's (BOQEF) underwriting
and servicing capabilities.

The ratings on the Class B, C, D and E notes are based on all the
strengths supporting the Class A notes except their credit
enhancement levels.

At the cut-off date, the total collateral pool consisted of
18,995 loan receivables totalling approximately AUD691.25m, with
an average size of AUD36,391. The pool comprises loan receivables
originated by BOQEF, whose ultimate parent is Bank of Queensland.
All loans are amortising principal and interest loans for cars
and light commercial vehicles (60.9%), heavy trucks (36.9%), and
buses (2.2%). The pool contains loans with varying balloon
amounts payable at maturity, with a weighted average balloon
payment of 30.4%. The transaction also benefits from a
diversification of a large number of small business borrowers
across a broad range of industries.


SMART ABS 2012-2US: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART ABS Series 2012-2US Trust.

Issuer: SMART ABS Series 2012-2US Trust

   USD100.00 million Class A-1 Notes, Assigned (P)P-1 (sf);

   USD165.00 million Class A-2 Notes, Assigned (P)Aaa (sf);

   USD157.00 million Class A-3 Notes, Assigned (P)Aaa (sf);

   USD78.00 million Class A-4 Notes, Assigned (P)Aaa (sf);

   AUD11.35 million Class B Notes, Assigned (P)Aa2 (sf);

   AUD15.61 million Class C Notes, Assigned (P)A2 (sf);

   AUD14.19 million Class D Notes, Assigned (P)Baa2 (sf);

   AUD12.77 million Class E Notes, Assigned (P)Ba2 (sf).

The AUD 8.51 million Seller Notes are not rated by Moody's.

The Class A-1 Notes will be fixed rate notes. The Class A-2,
Class A-3 and Class A-4 Notes may be offered as either fixed or
floating rate notes. Where the Class A-2, Class A-3 and Class A-4
fixed and floating rate notes are offered, the notes will be
issued as Class A-2a, Class A-2b, Class A-3a, Class A-3b, Class
A-4a and Class A-4b respectively.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited. This is the fourth
Australian ABS transaction issued in 2012. As with Macquarie's
more recent transactions, this transaction is continuing the
trend of targeting offshore markets by issuing USD-denominated
Class A Notes.

Ratings Rationale

In broad terms, SMART ABS Series 2012-2US Trust replicates
structures seen in previous SMART transactions sponsored by
Macquarie, and closely follows the structure seen in SMART Series
2012-1US Trust. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the pro-rata
principal repayment profile.

The pool includes a relatively high percentage of novated leases
(64%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART ABS Series 2012-2US Trust pool as more conservatively
structured than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include a minimum of four (and up to seven in the
event both fixed and floating rate notes are issued) senior, USD-
denominated tranches. The Class A-1 Notes are fast-pay money-
market notes, rated P-1. The Class A Notes will be repaid
sequentially within the Class A Note allocation. The ratings are
based on the credit enhancement provided by the subordinated
notes and the liquidity reserve, in total equal to 12% for the
Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply an expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.37% and
54.00% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. With
regards to legal and regulatory uncertainty, Moody's assigns a
medium due to the recent introduction of the Personal Property
Securities Act (PPSA) which may lead to operational issues in the
short term. Overall, the V score of Low/Medium allows Moody's to
have a material degree of comfort with regard to assumptions made
in rating the SMART ABS Series 2012-2US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART ABS Series 2012-2US Trust, the Class A Notes
remain investment grade (7 notch downgrade to Baa1(sf)) when the
default rate rises to 3.6% (double of Moody's assumption of
1.80%) and recovery rates are reduced to 20% (half of Moody's
assumption of 40%). The Aa2(sf) ratings for the Class B notes
also drop 7 notches to Baa3(sf) in the above scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


SUPER BUTCHER: Administrators Review Two Offers to Buy Business
---------------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that the troubled Super
Butcher chain of outlets appears set to rebound from its
financial woes, with administrators considering two firm offers
to acquire the business.

According to the report, the offers came ahead of a meeting in
Brisbane on June 5 where creditors agreed to give administrators
time to review the offers before making a decision on the future
of the enterprise.

The report relates that a spokesman for administrator Peter
Lucas, of PA Lucas and Co, said adjournment of the decision would
enable Mr. Lucas to assess the offers and the best course of
action.

Andrew McDonald, the public face of the seven-store Super Butcher
enterprise, said the bids were good news for customers and for
staff, goldcoast.com.au relays.

"Creditors supported the idea that both bids be fully reviewed,"
the report quotes Mr. McDonald as saying.  "I understand that
both secure superannuation and other entitlements for Super
Butcher's 120 employees and that both involve zero job losses.

"Right now, it is business as usual at Super Butcher outlets
where we have AUD4 million of meat product to sell and there will
be some exceptional buying in coming weeks."

                        About Super Butcher

The Super Butcher group sells export-quality meats at bulk
discounts to major supermarkets.  It has outlets at Yatala,
Ashmore, Oxenford, Tweed Heads, Waterford, Birkdale and Eagle
Farm.

Super Butcher was put into voluntary administration on May 7,
2012, with debts of AUD8 million.  PA Lucas and Co is the
appointed administrator.

Appointment of the administrator followed lodgment in March of a
winding-up application by poultry supplier Inglewood Farms, a
division of the RM Williams Group and a major Super Butcher
creditor.  The application, which has since been stayed, related
to one of three companies operating the Super Butcher group, AM
No. 1, according to goldcoast.com.au.



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C H I N A
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SHENGDATECH INC: Seeks More U.S. Plan Exclusivity
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a hearing on June 25, 2012, at 10 a.m. (Prevailing Pacific Time),
to consider ShengdaTech, Inc.'s request for exclusivity
extensions.  Objections, if any, are due June 11, at 4:30 p.m.

The Debtor, in its third request for an extension, asked the
Court to extend its exclusive right to file and solicit
acceptances for the proposed chapter plan until Sept. 17, 2012,
and Dec. 11, respectively.

The Debtor's current exclusivity periods will expire on June 18,
and Sept. 12.  Out of the abundance of caution, the Debtor
requested for the exclusivity extensions to safeguard its
exclusive right to file a plan of reorganization and solicit
acceptances in connection therewith.

According to the Debtor, a hearing to consider approval of the
Disclosure Statement and related solicitation and tabulation
procedures is scheduled for June 25, at 10 a.m.  The Debtor
anticipates that the hearing to consider confirmation of the Plan
will take place on Aug. 30.

                        The Chapter 11 Plan

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.
The Plan establishes, among other things, a Liquidating Trust
that will pursue the PRC litigation, hold and ultimately sell the
Faith Bloom's shares, prosecute certain Causes of Action, pursue
any objections to Claims, execute the provisions governing
Distributions to Holders of Allowed Claims or Allowed Equity
Interests and facilitate the process for resolving Disputed
Claims Filed against the Debtor.

The Plan will be funded by the cash held by the Debtor as of the
Effective Date, and thereafter by the proceeds of the Liquidating
Trust Assets.

A full text copy of the disclosure statement is available for
free at http://bankrupt.com/misc/SHENGDATECH_INC_ds.pdf

                          About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.




================
H O N G  K O N G
================


INTEGRATED COAL: Goh Khoon Teen Paul Steps Down as Liquidator
-------------------------------------------------------------
Goh Khoon Teen Paul stepped down as liquidator of Integrated Coal
Trading Limited on May 18, 2012.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary uthority (HKMA) announced May 25 that
investigation of over 99% of a total of 21,856 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,769 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;
    * 3,450 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,496 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 25 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared; and

    * 73 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 41 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/nBckzi

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


MAX SMART: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Max Smart International Limited.

The official receiver is Teresa S W Wong.


PETS CENTRAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Pets Central (HK) Limited.

The official receiver is Teresa S W Wong.


PUGANG INTERNATIONAL: Ying and Chan Step Down as Liquidators
------------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Pugang International Development Company Limited on May 22, 2012.


RIGHT LINK: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Right Link Consultants Limited on May 22, 2012.


RISESUN LIMITED: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Risesun Limited.

The official receiver is Teresa S W Wong.


SUNLINK MANAGEMENT: Members' Final Meeting Set for July 3
---------------------------------------------------------
Members of Sunlink Management Limited will hold their final
general meeting on July 3, 2012, at 10:00 a.m., at 5/F, Dah Sing
Life Building, at 99-105 Des Voeux Road Central, in Hong Kong.

At the meeting, Yan Tat Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TRAVEL 3000: Lau Chung Sun Steps Down as Liquidator
---------------------------------------------------
Lau Chung Sun stepped down as liquidator of Travel 3000 Limited
on May 30, 2012.


V TOOLS: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of V Tools & Equipment Engineering
Limited.

The official receiver is Teresa S W Wong.


VAST TECH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Vast Tech Limited.

The official receiver is Teresa S W Wong.


WELCOMHOME 86: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on May 28, 2012,
creditors of WelcomHome 86 (Holdings) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Au Wing Ip
         6B, Cameron Plaza
         23 Cameron Road
         Tsimshatsui, Kowloon
         Hong Kong


WONG LO: Wong Hon Chuen Steps Down as Liquidator
------------------------------------------------
Wong Hon Chuen stepped down as liquidator of Wong Lo Kat
(International) Limited on May 17, 2012.


ZYREL LIMITED: Creditors' Proofs of Debt Due July 3
---------------------------------------------------
Creditors of Zyrel Limited, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by July 3,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2012.

The company's liquidator is:

         Kwok Lai Ngor
         Unit A, 10/F
         Tal Building
         49 Austin Road
         Jordan, Kowloon
         Hong Kong



=========
I N D I A
=========


AEGIS LIMITED: Fitch Affirms LT Foreign Currency IDR at 'BB-'
-------------------------------------------------------------
Fitch Ratings has revised India-based Aegis Limited's Outlook to
Negative from Stable. Its Long-Term Foreign Currency Issuer
Default Rating (IDR) has been affirmed at 'BB-'.

The revision in Outlook reflects higher-than-expected leverage
and also risks as to its ability to maintain its operating
margins in the current global environment, which could further
negatively impact Aegis's liquidity and credit profile. For the
financial year ended March 2012, Aegis's funds from operations
(FFO)-adjusted leverage, contrary to expectations, continued to
exceed 4.0x (FY11: 4.4x) due to higher adjusted debt. Operating
margins declined to 11.9% in FY12 (FY11: 12.9%) as a result of a
change in business mix.

Fitch notes that higher working capital requirements, mainly at
AGC Network, coupled with an increase in rental lease-capitalised
debt and off-balance sheet contingent liability resulted in an
increase in adjusted debt. However, Fitch does not expect major
deterioration in Aegis's working capital cycle in the short- to
medium-term given the project-based nature of AGC Network's
business and revenue cyclicality which tends to lead to working
capital build-up, typically in the last quarter of the financial
year. The agency notes that free cash flows are expected to
remain positive due to lack of significant capex plans post FY12,
although they could be limited by its operating margins
potentially falling below 11%.

The rating reflects Aegis's geographically and vertically
diversified revenue with low client concentration risk, its
strong counterparties, and a high degree of customer loyalty. For
FY12, Aegis's revenue grew 42% to USD1bn. The company has also
been able to significantly grow AGC Network post-acquisition in
terms of products, geographical markets and partners. The rating
also takes into account limited risks of foreign exchange
fluctuations and anti-offshoring regulations as a majority of
Aegis's revenues come from its onshore operations.

Constraints to the rating are Aegis's small size compared with
other Fitch-rated companies in the same and/or related
industries, its limited track record of organic growth, and
volatility in operating margins. Fitch also views Aegis's high
attrition rate as a risk.

The Outlook may be revised to Stable if FFO-adjusted leverage
falls below 4x on a sustained basis. Also, should Aegis enter
into more of a consolidation phase, then FFO-adjusted leverage
below 3.5x on a sustained basis, led by operating margins above
11%, with continued positive free cash flows could result in a
notch upgrade. However, the rating may be downgraded if FFO-
adjusted leverage remains above 4x, led by operating margins
falling below 11% or debt-led capex.

Aegis is a major outsourcing solutions company with a presence in
12 countries across six continents. Services include business and
knowledge process outsourcing businesses and technology services.
North American operations are a major revenue contributor at 33%.
Other major revenue-generating regions include south Asia at 21%
and Australia and New Zealand at 17%.


AKASH CERAMICS: ICRA Reaffirms 'BB+' Rating on INR79.51cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR25.00 crore (enhanced from INR10.00 crore) fund-based bank
facilities and INR54.51 crore (enhanced from INR7.94 crore) term
loan facilities of Akash Ceramics Private Limited. The outlook on
the long term rating is negative. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4+' to the INR8.50 crore (enhanced
from INR1.50 crore) non-fund based bank facilities of ACPL.


                       Amount
   Facilities         (INR Cr)              Ratings
   ----------         ---------             -------
   Long-term Fund-    Enhanced to INR25     [ICRA]BB+ (negative)
   based limit        from INR10            reaffirmed

   Term Loan limit    Enhanced to INR54.51  [ICRA]BB+ (negative)
                      from INR7.94          reaffirmed

   Short-term Non-    Enhanced to INR8.50   [ICRA]A4+ reaffirmed
   fund based limit   from INR1.50

Rating Rationale

The reaffirmations of ratings take into account the long
experience of the promoters in the manufacturing and marketing of
ceramic tiles; and the established relationships with dealers and
distributors across the country. The ratings also take into
account the proximity of ACPL's plant to raw material sources,
which reduces freight costs, and the availability of a
substantial portion of the current gas requirements at
competitive rates from a supplier located adjacent to the
company's plant; and the company's status as an approved supplier
of tiles to various Government entities, which is likely to
reduce off-take risks for the newly expanded capacity to an
extent. The ratings are however, constrained by the significant
increase in its gearing and a likely aggressive capital structure
in the near to the medium term because of the largely debt-funded
capital expenditure programme at a project gearing of over 2.90
times; the declining operating profitability and return on
capital employed of ACPL both leading to depressed levels of
coverage indicators as well; and the large size of the ongoing
capital expenditure programme as compared to the current balance
sheet size of the company, which exposes the company to project
related risks. The ratings are also constrained by the high
working capital intensity of ACPL's business, leading to a tight
liquidity profile, further accentuated by the tight repayment
schedule of the term loans, and the current adverse operating
environment for the ceramic industry on account of high
competition and increasing raw material and fuel costs.

Incorporated in 1995, ACPL is engaged in the business of
manufacturing ceramic tiles (wall and floor tiles) and vitrified
tiles. ACPL has a manufacturing capacity of 41,500 Metric Tonnes
Per Annum (MTPA) of ceramic tiles (wall and floor tiles) and
39,000 MTPA of vitrified tiles which is expected to increase to
about 110,000 MTPA from 2012-13. ACPL sells its products across
India under the brand name "Dakshinamurti".

Recent Results:

As per the audited results of 2010-11, ACPL reported a profit
after tax (PAT) of INR2.16 crore on an operating income of
INR77.23 crore as compared to a PAT of INR3.68 crore on an
operating income of INR73.48 crore in 2009-10. As per the
provisional results for the period from April 2011 to December
2011, ACPL reported an operating income of INR71.20 crore and a
profit before tax of INR3.03 crore.


ARRAH RE-ROLLING: ICRA Reaffirms 'B+' Rating on INR13cr Loan
------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating to the INR13.00 crore
(enhanced from INR8.00 crore) cash credit facility of Arrah Re-
Rolling Mill Private Limited.

                          Amount
   Facilities             (INR Cr)       Ratings
   ----------            ---------       -------
   Fund Based Limit-     Enhanced from   [ICRA]B+
   Cash Credit           INR8cr to       reaffirmed/assigned
                         INR13cr

The rating reaffirmation reflects the continued weakness observed
in the overall financial risk profile of ARRMPL, characterized by
low profitability, an aggressive capital structure and weak
coverage indicators. The rating also factors in the highly
competitive and fragmented nature of the steel industry, a
concentrated customer base and exposure to price risks as the
company holds significant steel inventory. The rating, however,
continues to derive comfort from the experience of the promoters
in the steel industry and the significant growth in turnover
observed during 2011-12.

Incorporated in 1996, ARRMPL is engaged in the processing and
trading of steel products like Cold Rolled (CR) Sheets, Hot
Rolled (HR) Sheets, Cobble Plate, CR Coils, TMT bars. The company
has its steel processing facility located at Chas, in the Bokaro
district of Jharkhand.

Recent Results:

The company has reported a profit after tax of INR0.22 crore
(provisional) on an operating income of INR81.98 crore
(provisional) during 2011-12; as compared to a net profit of
INR0.11 crore on an operating income of INR42.92 crore during
2010-11.


CHAITANYA EDUCATIONAL: ICRA Puts 'B+' Rating on INR35cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR35 crores long term
fund based bank facilities of Chaitanya Educational Society.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Term Loan               24.00       [ICRA]B+

   Cash Credit              6.00       [ICRA]B+

   Unallocated              5.00       [ICRA]B+

ICRA's rating factors in the small scale of operations of the
society; its dependence only on engineering institutions and high
intensity of competition among private engineering colleges in
the state of Andhra Pradesh, which is likely to impact the
profitability in future. Further, a highly leveraged capital
structure owing to debt funded capital expansion in the recent
past and vulnerability of CES's debt repayment capability to
timely fee reimbursements from the Government of Andhra Pradesh
(GoAP) also constrain the rating. However, the rating draws
comfort from the long track record of the society in the field of
education and the strong growth in the revenues over the last
five years. Going forward, the ability of the society in
increasing the number of admissions for the new engineering
college and the timely receipt of the fee reimbursements from the
government of Andhra Pradesh will remain as key rating
sensitivities.

Chaitanya Educational Society was established in the year 2001,
by Dr. K.V.V Satyanarayana Raju and his family. Dr. Satyanarayana
is presently a "Member of Legislative Council" in the state of
Andhra Pradesh. The society forayed into the field of education
with setting up of "Chaitanya Engineering College" in
Vishakhapatnam in 2002. This was followed by setting up of
another engineering college "Sri Chaitanya Engineering College"
in 2009 at Vishakhapatnam. Recent Results During the financial
year ending March 2011, the society recorded net profit of
INR2.77 crores on a turnover of INR12.73 crores as against net
profit of INR1.03 crores on a turnover of INR10.07 crores during
FY 2009-10.


CLETA REAL: CARE Rates INR75cr Secured NCD at 'CARE BB+(SO)'
------------------------------------------------------------
CARE assigns CARE BB+ (SO) rating to the proposed secured ncd of
Cleta Real Estate Pvt. Ltd.

   Facilities            INR crore)     Ratings
   -----------           -----------    -------
   Secured NCD              75.00       'CARE BB+(SO)' Assigned

Rating Rationale

The rating is constrained due to nascent operations of the
company. The rating draws comfort from a structured payment
mechanism (SPM) that includes a guarantee provided by the
promoter and a non-disposal undertaking (NDU) on certain assets
of the promoter. The rating also factors in certain weaknesses in
the SPM that limit the support provided by the structure. Growth
and profitable operations of the company and significant fall in
value of the NDU assets are key rating sensitivities.

Incorporated in May 2011, Cleta Real Estate Private Limited is a
real estate company promoted by Mr. Sameer Gehlaut, having an
established track record in the real estate business. The company
proposes to undertake business of builders, contractors and
developers of properties of all kind, including but not limited
to residential, industrial, public utilities or otherwise, and
advisory services relating thereto, and all other related and
ancillary objects, either on its own, or in joint venture.


D.B. MACHINE: ICRA Assigns 'B+' Rating to INR6.35cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR6.35
crore fund based bank limits of D.B. Machine Tools Private
Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Packing Credit            1.80        [ICRA]B+

   Foreign Documentary       4.55        [ICRA]B+
   Bills Purchase

The rating factors in the experience of the promoter of around 2
decades in the export business resulting in an established
relationship with the primary manufactures of steel in
Bangladesh, which enables the company to have a steady demand for
its traded goods, and healthy return on capital employed on the
back of rising turnover levels. The ratings also factor in the
exposure of the business to geographical concentration risk since
the entire revenue of the company is derived from Bangladesh, the
low profitability of the business because of the limited value
addition of the trading business which results in modest debt
coverage indicators. Moreover, the gearing level of the company
is moderate due to low networth as compared to the working
capital debt required in the business since majority of the sales
are of sponge iron, the procurement of which requires advance
payment to suppliers. ICRA notes that the cyclical nature of the
steel industry may lead to volatility in cash flows of the
company.

D.B. Machine Tools Private Limited was incorporated in 2006 and
is a 100% export oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a
closely held company. The promoter has a business experience of
around two decades in export trade.


HOLDWELL COMPONENTS: CARE Puts 'BB+' Rating on INR4cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+/CARE A4+' ratings to the bank facilities
of Holdwell Components (P) Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long term bank facilities        4.0       CARE BB+ Assigned
   Short term bank facilities       3.0       CARE A4+ Assigned

Rating Rationale

The aforesaid ratings are constrained by the small scale of
operations with high dependence on a single customer, low profit
levels and gross cash accruals resulting in weak shock absorbing
capacity and working capital intensive nature of business. The
above constraints more than offset the benefits derived from
experienced promoters and strong group support, high entry
barrier, comfortable order book position and price variation
clause insulating the company from price volatility in raw
material prices.

Ability of the company to improve its revenues & profitability
and sustain the present capital structure along with timely
issuance of orders by Indian Railways & receipt of contract
proceeds will remain the key rating sensitivities.

Holdwell Components Private Limited was incorporated in 1994, by
Sarogi family of Kolkata. Post incorporation, the company
remained dormant for few years. In 1998, Smt. Pushpa Saraogi and
Shri. Rajesh Shah (relative of Smt. Pushpa Saraogi) commenced
manufacturing and trading of engineering products, used in
railway tracks by setting up a unit in Raipur, Chattisgarh.

On total operating income of INR12.2 crore, HCPL earned a PBILDT
and PAT of INR0.8 crore and INR0.4 crore respectively in FY11
(April 1, 2010 to March 31, 2011).


INNOTECH EDUCATIONAL: CARE Rates INR25.5cr Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Innotech
Educational Society.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       25.5       CARE B Assigned

Rating Rationale

The rating is constrained by implementation risk involved with
the setting up of the educational institute including yet to be
achieved financial closure for the project debt, high competition
from established and upcoming educational institutes and
stringent regulatory framework for education sector in India.

The aforesaid constraints are partially offset by the presence of
experienced members on the advisory board of the society, good
growth potential for the educational sector in India and its tie-
up with a reputed international institute and a National
University.

Going forward, IES's ability to complete the project within the
envisaged time and cost parameters, establish a brand name for
itself amidst intense competition and ensure adequate student
intake would be the key rating consideration.

Innotech Educational Society was established in March, 2010 under
the Societies Registration Act, 1860 for establishing and
operating educational institutes. The society is currently
setting up a greenfield project in Araria district of Bihar to
start an educational institute under the name Moti Babu Institute
of Technology in three phases. The institute will be spread over
an area of 15 acre and shall comprise of modern infrastructure
with latest available technology and experienced
faculties from national and international educational arena. It
will offer four year B. Tech. degree across six streams of
engineering. MBIT has planned to commence commercial operations
from the academic year 2013-14.


INTERACTIVE MEDIA: ICRA Assigns 'B+' Rating to INR6.5cr Loans
-------------------------------------------------------------
A long term rating of '[ICRA]B+' has been assigned to the INR3.60
crore term loans and INR2.90 crore Cash Credit facilities of
Interactive Media & Communication Solutions Private Limited.

                        Amount
   Facilities          (INR Cr)      Ratings
   ----------          ---------     -------
   Term Loans             3.60       [ICRA]B+ assigned

   Cash Credit            2.90       [ICRA]B+ assigned

The assigned rating takes into consideration the experience of
the promoters in the digital media industry of over two decades;
the established long term client relationships and the well
diversified service offerings of the company which are customized
as per client requirements resulting in low dependence on a
single source of revenue. The rating also favorably considers the
healthy operating margins of the company on account of high value
added services and efficient cost management practices of the
company. The rating is, however, constrained by the company's
small scale of operations in a highly fragmented and competitive
media industry with intense competition from organized and
unorganized players which restrict its pricing power. The rating
is further constrained by the moderately leveraged capital
structure of the company coupled with weak debt protection
metrics and the high working capital intensity levels on account
of a stretched receivables position.

Mr. Amit Tripathi and Mr. Mahendra Tripathi promoted Net Web
Solutions Private Limited in 1997, to cater to the development of
the online education system. Net Web Solutions entered into a
Joint Venture with Percept Advertising Limited in August 2000
under the name of Web Percept India Private Limited, with a 49%
stake, which marked its entry into the media solutions industry.
However, over the years, Percept's focus shifted from the media
solutions business to the entertainment industry and Web Percept
became a mere back office for the venture. In the meantime, the
promoters of Net Web incorporated Interactive Media and
Communication Solutions Private Limited in 2006 to cater to the
media solutions requirements of their clients which were being
neglected by Web Percept. In 2007, the management of IMCS decided
to buy-out the entire stake of Percept in the JV and a parting
deal was signed on March 27, 2007. Thereafter, Web Percept was
merged with IMCS.

Over the years, IMCS has developed its expertise in the digital
advertising domain. The company provides services like website
development and maintenance, sales of online advertisement slots,
online applications, mobile applications, web and mobile games,
intranet and domain monetization. The company operates through
three Strategic Business Units (SBUs), namely, Id8labs (creative
and digital media services), Ibexis (mobile games and apps
designing and development) and Intentias (online PR services).
The company has its headquarters in Mumbai.

Recent Results:

As per audited results, the company reported a Profit after Tax
(PAT) of INR0.28 crore on an Operating Income (OI) of INR4.72
crore in FY 2011 as against a net loss of INR0.66 crore on an OI
of INR7.25 crore in FY 2010. Also, as per provisional results for
FY 2012, the company has achieved a Profit before Tax (PBT) of
INR0.86 crore on an OI of INR7.36 crore.


MOHAN MEAKIN: ICRA Cuts Rating on INR55.2cr Loan to 'B+'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to fund based bank
facilities of Mohan Meakin Limited from "[ICRA]BB" to "[ICRA]B+"
for an enhanced amount of INR55.20 crore. ICRA has reaffirmed the
short-term rating of "[ICRA]A4"  assigned to non-fund based bank
facilities of MML for an enhanced amount of INR6.00 crore.

The ratings downgrade by ICRA reflect continued weakness in
profitability which has further weakened over last 2~3 years as
is reflected in low operating profitability during FY11 and
losses at operating profit levels during 9MFY12. The weak
operating profitability is also reflected in the fact that over a
period of last few years, the company's cumulative operating
profits have been lower than its cumulative interest expense.
This coupled with steadily increasing debt levels has also
resulted in increased interest expenses, which have resulted in
weak debt coverage indicators as reflected in interest coverage
itself falling below 1X times over last few years. The company
continues to witness limited volumetric growth and suffers from
the purchase of high cost spirit due to declining in-house
production, obsolete plant and machinery, high fixed overhead
expenses especially manpower costs which are the key reasons for
deterioration in its operating profitability. The ratings also
factor in the concentration risks arising out of high dependence
on single brand i.e. "Old Monk" for majority of its sales. As a
result of above constraints, the company has consistently relied
upon sale proceeds from various land parcels held by it which has
prevented losses at net level, sharp increase in debt levels and
erosion of its net worth. The ratings however favorably factor in
the MML's long operating history of over 15 decades in the Indian
liquor industry; especially the rum segment, and pan-India
presence of its brands either through its own selling and
distribution network (largely North India), or through tie-ups
with various bottling units in other states. During the past few
years, the company has initiated various cost reduction
initiatives such as closure of its Lucknow unit, VRS to its
employees however the benefits of the same on operating
profitability has remained limited. To improve upon its
profitability company has further planned to cater to some of its
markets via franchises which will reduce transportation costs and
has also planned new product launches. To further improve its
operational profile, MML plans to establish new manufacturing
unit over next three to four years.

Going forward, ability of the company to improve its
profitability by leveraging its established brand and its
extensive sales and distribution network to grow its sales
turnover as well as reduce operational costs are going to be the
key rating drivers. The extent of profitability improvement,
reduction in debt levels and funding mix of the planned capital
expenditure for new manufacturing units will remain the key
rating sensitivities.

                        About Mohan Meakin

Mohan Meakin Limited was initially established in 1855 by Edward
Dyer of Britain, who established the first brewery in India and
later in 1949; Late Mr. Narendra N Mohan took over the company.
During 2010-11, the alcoholic business segment which include
Indian Made Foreign Liquor (largely rum) and Beer account for
almost 80% of the company's sale while the balance was equally
contributed by glass bottles and food product division. As per
industry's estimate, MML has around 5~6% share in IMFL segment
but a relatively higher share of around 30% in rum segment.

During 9 month period ending December 2011, the company reported
a net sale of INR273.25 crore and a net loss of INR16.35 crore.
In FY10, MML had net sale of INR315.02 crore and net profit of
INR7.67 crore.


PRIYANSHI CREATIONS: ICRA Puts 'BB-' Rating on INR7.25cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the fund-
based facilities aggregating to INR7.25 crore of Priyanshi
Creations Private Limited. The long-term rating has a Stable
outlook.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            ---------   -------
   Fund Based Limits       3.00      [ICRA]BB- (stable) assigned
   (Cash Credit)

   Fund Based Limits       4.25      [ICRA]BB- (stable) assigned
   (Term Loans)

The ratings are constrained by the small size of operations, high
working capital intensity of operations leading to stretched cash
flow position, vulnerability of operations to cyclicity observed
in textile industry and intensely competitive business
environment owing to the highly fragmented nature of the
industry. The ratings are further constrained by PCPL's weak
profitability and return indicators on account of limited product
differentiation in the fabric processing industry.

The ratings, however, draw comfort from the long track record of
the promoters in the textile industry and the strengths derived
from other group companies in similar line of businesses. The
ratings further draw comfort from PCPL's locational advantages by
virtue of being in close proximity to sources of key raw
materials and downstream processing units.

Priyanshi Creations Private Limited was incorporated in March
2009 and is co-promoted by Mr. Sumeet Somani and Mr. Satyen
Somani. The company is engaged in the processing of synthetic
fabrics on job work basis. The fabrics processed by the company
are used for making saris. PCPL's manufacturing unit is located
in Surat, Gujarat and has an annual installed capacity to process
228 lakh meters of fabric. For 10 months FY 2012, the company
reported operating income of INR13.68 crore and Profit after Tax
of INR0.11 crore.


PUSHPA SALES: CARE Places 'BB-' Rating on INR7.5cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Pushpa Sales Pvt Ltd.

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities     7.50      CARE BB- Assigned
   Short-term Bank Facilities    2.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained by PSPL's weak financial profile
characterized by low profitability margins, low debt service
coverage indicators and stressed liquidity position with
continued reliance on ad hoc limits. The rating also takes into
account the relatively small scale of operation and geographical
concentration of the business. The rating however gains strength
from the established track record and long experience of the
promoters in the field of distribution and trading and
association with leading brands in the industry.

Going forward, ability of PSPL to improve its financial profile
and the continuation of dealership agreements shall be the key
rating sensitivities.

PSPL incorporated on July 18, 2003, as a private limited company
is a part of the diversified Pushpa Group which is engaged in the
field of automobiles dealership & servicing, distribution of
mobile handsets & prepaid mobile connections, batteries, FMCG
goods, and franchising of various educational and training
courses through its various group companies viz Pushpa
Automobiles, Pushpa Enterprise, Pushpa Distributors and PSPL.

PSPL largely derives its revenue through two streams viz
dealership of Bajaj two-wheelers and distribution of Nokia mobile
handsets in the Lucknow region. Under the auto dealership
business PSPL has four showrooms including a showroom for selling
of high-end bikes "Probiking" and two workshops at various
locations in Lucknow. It also has 13 sub branches for sale,
service and spares of Bajaj Auto at various locations around
Lucknow which operate as a franchisee to PSPL.

During 2008, PSPL diversified into distribution of Nokia mobile
handsets for the Lucknow region.

PSPL reported a total operating income of INR142.4 cr during FY11
with a PBILDT and PAT of INR1.44 cr and INR0.36 cr respectively.
As per provisional results for FY12, PSPL has reported a total
operating income of INR150.3 cr, with a PAT of INR0.44 cr.


SILKON SYNTHETICS: ICRA Assigns 'B+' Rating to INR10cr Loans
------------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR7.00
crore long-term loans and INR3.00 crore long-term, fund-based
facilities of Silkon Synthetics and Cotton Dyeing Private
Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Long-term, fund-         3.00        [ICRA] B+ assigned
   based limits

   Long-term loans          7.00        [ICRA] B+ assigned

The ratings take into account the vast experience of the
promoters in manufacturing of shirting fabrics and yarn dyeing,
increasing demand for the end product, i.e. cotton based fabric
supported by rising disposable income and growing middle class
resulting in a favorable demand-supply scenario for the industry.
ICRA also notes the benefits arising from the strategic location
of the yarn dyeing facility of the company and support from the
government in the form of capital and interest subsidy. The
ratings, however, are constrained by the company's small scale of
operations on account of reliance on job-work, likely
deterioration of the capital structure with ongoing debt funded
expansion plans of the company, maintaining cotton yarn inventory
to cater to dyed yarn in the open market likely to increase
working capital requirements and exposure to movement in cotton
prices. Further revenues and profitability remain susceptible to
the cyclical nature of textile industry.

Incorporated in 2004, Silkon Synthetics and Cotton Dyeing Private
Limited is a family run business promoted by Mr. Mithalal Jain
and his family. The company is in the business of dyeing cotton
and synthetic yarns and mainly caters to the job work market. The
company started its operations in 2005 and has gradually expanded
its yarn dyeing capacity. The company's factory is located in
Bhiwandi and has a current capacity of 150 tonnes per month. The
company is currently in a phase of expansion and its total yarn
dyeing capacity post expansion is slated to be 250 tonnes per
month. The company has also planned a 100 tonnes per month sizing
unit. The company earns more than 90% of its revenue by
undertaking job work orders from fabric manufacturing units. With
the ongoing expansion in capacity the company plans to increase
its revenue share from trading where the company would procure
yarn and sell them in the open market. SSCDPL is an ISO 9001:2008
certified company.

Recent Results:

As per provisional FY 2012 numbers, SSDPL reported a profit after
tax (PAT) of INR0.57 crore on an operating income of INR10.93
crore, as against a PAT of INR0.33 crore on an operating income
of INR8.19 crore in FY2011.


SONI AUTOMOBILES: CARE Puts 'CARE BB-' Rating on INR4.25cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Soni Automobiles Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.25      CARE BB- Assigned
   Short-term Bank Facilities      1.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the short track record and small
scale of operations of Soni Automobiles (P) Ltd, regional sales
concentration and close linkages of its fortune to the
performance of Force Motors Ltd. The ratings are further
constrained by its low profitability owing to trading nature of
operations, high leverage, working capital intensive nature of
operations and intense competition prevalent in the automobile
dealership industry.

The above rating weaknesses are partially offset by SAPL's
experienced promoters, its position as the sole dealer of FML in
Jalandhar and steady growth in the scale of operations over the
years.

Going forward, the ability of SAPL to improve its profitability
and capital structure along with commensurately scaling up the
business operations would be the key rating sensitivities.

                       About Soni Automobiles

Soni Automobiles Pvt Ltd is a private limited company
incorporated in 2009 and commenced its operations in FY10 (refers
to the April 2009 to March 2010), involved in trading of
commercial vehicles. SAPL is an authorized dealer, distributor
and service center of Force Motors Ltd (FML). FML is a
manufacturer of personal and commercial vehicles that include
traveler, trump and trax available under different
specifications. SAPL started its operations by setting up
showroom and work shop in Jalandhar. Apart from this, the company
also has one outlet each in Nawashahar, Kapurthala, Moga,
Ferozpur and Faridkot.

The day-to-day operations of SAPL are looked after by Mr Aditya
Soni and Mr Gurvir Singh who also have experience in trading of
commercial vehicles through Gurvir Motors Pvt Ltd (GMPL) which is
an authorized dealer and distributor of FML in Ludhiana.

During FY12 (refers to the period April 1 to March 31), SAPL sold
342 vehicles to corporate and retail customers (268 for FY11, 180
for FY10).

During FY12, SAPL registered a total income of INR26.40 cr and
PAT of INR0.10 cr on provisional basis as against a total income
of INR21.25 cr and PAT of INR0.04 cr in FY11.


SRI BAJRANG: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Sri Bajrang Seeds.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       6.0         'CARE B+' Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

The rating is constrained by the low profitability and high
leverage of Sri Bajrang Seeds, its constitution as a partnership
firm with small scale of operations and its presence in a highly
fragmented and seasonal agro-based industry.  The rating,
however, draws comfort from the vast experience of the partners,
and its favorable location being present in the agro cluster of
Uttarakhand.

Going forward, increase in scale of operations with improvement
in profitability and capital structure shall be the key rating
sensitivities.

Sri Bajrang Seeds, based in Gadarpur, Uttarakhand was constituted
in 1997 as a partnership firm with four partners, viz Mr.
Virendra Kumar, Mr. Shyam Lal, Ms. Sweta Rani and Ms. Suman Rani.
Mr. Virendra Kumar looks after most of the operations of the
firm. SBS is engaged in processing and trading of wheat and paddy
seeds as well as procurement and distribution of harvested crops.
As against a PAT of INR0.01 crore on a total operating income of
INR6.49 crore in FY10 (refers to the period from April 1 to
March 31), SBS earned a PAT of INR0.01 crore on a total operating
income of INR8.00 crore in FY11. Further, as per provisional
results for 9MFY12, it reported a total operating income of
INR11.1 crore.


SUCHIRINDIA INFRATECH: ICRA Puts 'C' Rating on INR25cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]C' rating to the INR15.00 crore fund
based facilities and the INR10.00 crore non fund based facilities
of Suchirindia Infratech Private Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Cash Credit              15.00        [ICRA]C assigned

   Bank Guarantee           10.00        [ICRA]C assigned

The [ICRA]C rating takes into account the delays in servicing of
interest obligations by SIPL on account of stretched working
capital requirements. SIPL has recently diversified into
construction segment where delay in receipts of payments from the
clients has stretched the working capital intensity of the
company. Further, the expected cost escalations arising out of
slow progress of the two ongoing construction projects could
elevate the liquidity constraints. The rating also factors the
company's modest scale of operations, declining trend in the
operating income during past 3 years and exposure to market risks
given the continued subdue real estate market conditions in
Hyderabad. The rating however positively factors the past track
record of the promoters in real estate development particularly
in Hyderabad, moderate bookings for the ongoing real estate
projects in Hyderabad and expected revenue growth from the recent
foray into construction segment.

Suchirindia Infratech Private Limited, established in 2005, has
been primarily engaged in real estate development in Hyderabad.
The company has completed 5 plotted developments till date and is
currently executing 6 plotted developments in Hyderabad and 1 in
Visakhapatnam. Besides, the company is also developing 1 villa
project near Hyderabad Airport. During the current year, the
company has forayed into the construction segment and is
currently executing 2 construction projects awarded by HIL and
TPPL; besides SIPL has been recently awarded 1 construction
project from EPIL in Kozhikode, Kerala.


VERSATILE ENGINEERS: ICRA Assigns 'BB-' Rating to INR8.53cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.53 crore term
loan facilities and INR5.00 crore cash credit facilities of
Versatile Engineers. The long term rating has been assigned
stable outlook. ICRA has also assigned an '[ICRA]A4' rating to
the INR0.60 crore short term non fund based facilities of
Versatile Engineers.

                         Amount
   Facilities           (INR Cr)      Ratings
   ----------           ---------     -------
   Term Loan               3.53       [ICRA]BB-(Stable) assigned
   Cash Credit             5.00       [ICRA]BB-(Stable) assigned
   Non fund based          0.06       [ICRA]A4 assigned

The ratings draws comfort from established track record of
promoters in auto component industry for more than four decades
with the group companies engaged in manufacturing and machining
ferrous auto component castings and long standing relationship
with OEMs like Mahindra & Mahindra, New Holland Fiat (India)
Private Limited and Tier I supplier Carraro India Limited.

The ratings are, however, constrained by the small scale of
operations in highly fragmented industry, high client
concentration risk with top three clients contributing ~90% of
revenues, and stretched cash flows on back of marginal accruals.
ICRA further notes that the firm remains exposed to cyclicality
inherent in auto industry though majority of sales are derived
from tractor segment which has been relatively more resilient to
economical cycles.

Versatile is a partnership firm engaged in providing machining
for ferrous casting. Firm was constituted in 1969 in Kolhapur
with two partners Mr.Vitthal Janwadkar & his son Mr.Prabhakar
Janwadkar. Firm was reconstituted on April 2004 with the
retirement of Mr. Vitthal Janwadkar and admission of Mr.Yatin
Janwadkar (son of
Mr. Prabhakar).



=========
J A P A N
=========


OLYMPUS CORP: Panasonic to Invest Up to JPY50BB in Capital
----------------------------------------------------------
RTTNews, citing Kyodo news agency, reports that Panasonic Corp.
is preparing to provide up to JPY50 billion or US$635 million in
capital to scandal-hit Olympus Corp.  The move will reportedly
make Panasonic the largest shareholder in the camera maker.

According to RTTNews, Kyodo said the two companies are in talks
for a stake valued between JPY30 billion and JPY50 billion, with
Olympus planning to issue shares to Panasonic in a private
offering.

Panasonic, which is struggling with losses at its TV business,
reportedly plans to make medical devices a core business and
wants to form an alliance with Olympus in its mainline operation
of medical devices, RTTNews relates.

RTTNews says media reports had earlier indicated that Olympus was
in talks with Panasonic and Sony Corp. about a possible capital
alliance.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


ORIX-NRL TRUST: Moody's Cuts Ratings on 5 Cert. Classes to 'C'
--------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings on the Class C
through H trust certificates issued by ORIX-NRL Trust 14.

Moody's has also confirmed the ratings on the Class B trust
certificates.

Details follow:

Class B, confirmed at Baa3 (sf); previously on May 15, 2012 Baa3
(sf) placed under review for possible downgrade

Class C, downgraded to Caa2 (sf); previously on May 15, 2012 B2
(sf) placed under review for possible downgrade

Class D, downgraded to C (sf); previously on May 15, 2012 Caa3
(sf) placed under review for possible downgrade

Class E, downgraded to C (sf); previously on May 15, 2012 Caa3
(sf) placed under review for possible downgrade

Class F, downgraded to C (sf); previously on May 15, 2012 Caa3
(sf) placed under review for possible downgrade

Class G, downgraded to C (sf); previously on May 15, 2012 Caa3
(sf) placed under review for possible downgrade

Class H, downgraded to C (sf); previously on May 15, 2012 Ca (sf)
placed under review for possible downgrade

Deal Name: ORIX-NRL Trust 14

Class: Class B through H trust certificates

Issue Amount (initial): JPY 5.0 billion

Dividend: Floating

Issue Date (initial): May 31, 2007

Final Maturity Date: December, 2014

Underlying Asset (initial): Eight non-recourse loans and two
specified bonds and cash

Originator: ORIX Corporation

Arranger: ORIX Corporation

Certificate Sales Intermediary: ORIX Securities Corporation (as
of the issue date)

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.

The Originator entrusted the loans to the asset trustee and, in
return, received the Class A through H and X trust certificates,
which it then sold through the Arranger and the certificate Sales
Intermediary to investors. The trust certificates are rated by
Moody's.

In this transaction, interest and principal payments are made on
a sequential basis. The losses are allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

Seven of the loans and one of the specified bonds have been paid
down or recovered.

The transaction is currently secured by one loan and one
specified bond. The loan is backed by an office building located
in a provincial city after completing the disposal of another
office building in provincial city during Moody's review period.
The other is backed by one office building located in Tokyo.

Both loan and specified bond are under special servicing.

Ratings Rationale

The current rating action reflects the following factors:

1) Given that the recovery from and the performance of the
properties for the loan and specified bond under special
servicing remain lower than Moody's previous assumptions, the new
estimate for disposal prices is approximately 72% lower than
Moody's initial value.

2) In light of Moody's re-assessment, losses on the bond are
highly likely and could negatively affect the Class C trust
certificates.

3) The Class D through H trust certificates will incur losses, as
a result of the collection activity by the special servicer.

Moody's confirmed the rating for the Class B trust certificates,
considering that it is likely to hold the credit enhancement
level to meet demand as a result of the special servicing
activities mentioned above.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.



=========
K O R E A
=========


GS-CALTEX CORP: Moody's Says Reshuffling No Impact on Baa2 Rating
-----------------------------------------------------------------
Moody's Investors Service says GS-Caltex Corporation's recent
move to reorganize its business will not have an immediate impact
on the company's Baa2 rating and stable outlook.

On June 4, GSC announced that it will streamline its business
portfolio through the combination of a transfer and sale of its
non-core businesses, including gas, power, and upstream
exploration & production (E&P), to its 50% joint-venture parent,
GS Energy, and a third party by the end of the month.

"The cash proceeds from the move will help fund GSC's planned
capex of around KRW1 trillion for 2012 and ultimately reduce its
debt, which stood at KRW10.7 trillion as of end-March 2012," says
Mic Kang, a Moody's Vice President and Senior Analyst.

In addition, the lack of capex/investment needs for the non-core
assets and the debt transfer will offset a likely decline in
GSC's EBITDA from the sales of the relatively stable gas and
power businesses, which accounted for around 7%-9% of the
company's operating profit over the past two years.

"However, the proceeds will not be sufficient to improve GSC's
financial profile to a level that can trigger an upgrade," adds
Kang.

As part of the transaction, GSC will transfer its 50% stake in
its wholly owned GS Power, 100% stake in city-gas companies,
minority stakes in E&P assets, and other non-core assets to GS
Energy for KRW1.1 trillion, before taxes.

Also, the proposed sale of the remaining 50% in GS Power to a
third party could result in additional cash proceeds.

GSC plans to retain a large proportion of the proceeds to boost
its financial profile; its shareholders have been prudent and
flexible in managing dividend payments in order for the firm to
manage the stability of its financial profile.

Although an one-time special dividend payments on the cash
proceeds could lower its adjusted retained cash flow/debt ratio
to less than 10% in 2012, Moody's expects the ratio to stay at
12%-15% over the next couple of years, which is consistent with
GSC's standalone rating of Ba1.

GSC's final Baa2 rating factors in the expected parental support
from Chevron Corporation (Aa1/Stable) and strong institutional
support from the Korean government (A1/Positive), each providing
one-notch uplift to the final rating.

GS-Caltex Corp is the second-largest oil refining and marketing
(R&M) company in South Korea, with a total refining capacity of
775,000 barrels per day, or 27% share of the country's domestic
refining capacity. It has an extensive retail network as well as
substantial petrochemical operations, which are integrated within
its Yeosu refinery complex.

GSC (formerly LG Caltex) was formed as a joint venture in 1967
between Chevron Corporation and GS Holdings (not rated). In 2004,
GSC became a subsidiary of GS Holdings after a restructuring at
LG Group. In January 2012, GS Holdings transferred its 50% stake
in GSC to the newly established, wholly-owned GS Energy (not
rated). GSC is now 50%-owned by GS Energy and 50%-owned by
Chevron Corporation through Chevron (Overseas) Holdings Ltd and
Chevron Global Energy Inc.



====================
N E W  Z E A L A N D
====================


CRAFAR FARMS: Receiver Fees Reach NZ$7 Million as of April 4
------------------------------------------------------------
Fairfax NZ News reports that receiver fees in the tortuous Crafar
farms disposal saga are nudging NZ$7 million and the billing
clock is still ticking.

According to Fairfax NZ News, KordaMentha's latest reports to the
Companies Office for the 16 farm receivership show the receivers
claimed another NZ$729,405 for the period October 5 to April 4.

In the previous six month billing period to October last year,
Fairfax NZ News notes, the receivers' fees were NZ$1 million, at
the time taking KordaMentha's bill for the Crafar farm
receivership to more than NZ$6 million.

Fairfax NZ News relates that legal fees for the October 5 to
April 4 were NZ$321,858, taking the legal bill tally to
NZ$4.7 million.

As at April this year, total bank debt owing financiers was
NZ$274 million, Fairfax NZ News adds.

Fairfax NZ News discloses that the latest receivers' report
shows:

   -- preferential claims against Plateau Farms, the largest
      company in the former Crafar family business, with nine
      central North island farms, totalled NZ$229,000 and have
      been paid in full. However, unsecured creditors owed
      around NZ$2.5 million by this company are unlikely to
      get any money back, the receivers have repeated.

   -- The Ferry View Farms company which operates a dairy farm
      in Scott's Ferry, Manawatu has also settled in full
      preferential claims of NZ$171,000 against it.  Unsecured
      creditors owed NZ$5.6 million when KordaMentha was called
      in in 2009 are also unlikely to see any money.

   -- Hillside Limited, which operates five dairy farms
      throughout the central North Island has settled
      preferential claims totalling NZ$107,000, but outstanding
      creditors owed around NZ$2 million are unlikely to see it.

   -- Taharua Limited, which owns and operates a large-scale
      dairy farm at Taupo has paid in full preferential creditors
      NZ$58,000.  This company owes unsecured creditors
      NZ$474,000 which is unlikely to be paid out.

                      About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.


FIVE STAR: Former Director Gets Home Detention
----------------------------------------------
Anthony Walpole Bowden, a former director of Five Star Consumer
Finance Limited was sentenced in the Auckland High Court on
June 6 to nine months home detention and 100 hours community work
after pleading guilty to charges arising from a Serious Fraud
Office (SFO) investigation.

Mr. Bowden pleaded guilty to charges under the Crimes Act in
April, following the SFO investigation into the collapse of Five
Star.

Five Star traded as a finance company accepting deposits from the
public and investing those deposits in consumer and commercial
lending.

Mr. Bowden is the third individual to be sentenced in this
finance company investigation.

SFO Chief Executive, Adam Feeley said: "It is a reflection of the
thoroughness of the investigations and the line taken by the
courts in recent decisions, that a number of finance company
directors are now willing to acknowledge their culpability for
their company failures."

The other three individuals charged were Nicholas George Kirk,
Marcus Arthur MacDonald and Neill Allan Williams.

Mr. Kirk and Mr. McDonald received sentences in December 2010 of
two years and eight months imprisonment, and two years and three
months imprisonment respectively.  Mr. Williams has entered a not
guilty plea and is awaiting trial.

                          About Five Star

Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd, owned
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


GFNZ GROUP: S&P Puts 'CCC-' Issuer Credit Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC-'long-term
issuer credit rating on New Zealand finance company GFNZ Group
Ltd. and GFNZ's wholly owned insurance subsidiary, Quest
Insurance Group Ltd., on CreditWatch with negative implications.

"The CreditWatch action reflects GFNZ's reliance on the proceeds
from a receivable finance deal with Federal Pacific Group Ltd.
(FedPac)--a recent shareholder, holding 19.9%--to meet circa NZ$5
million in scheduled repayment in September 2012. Although this
deal recently gained momentum upon the formalization of Prime
Asset Trust Ltd. (a vehicle for GFNZ's receivables to be
transferred and held for the benefit of investors), it is not
legally binding on FedPac at this stage," S&P said.

"Based on earlier investment documentation and Standard & Poor's
recent discussions with GFNZ management, the intention is to
obtain NZ$3 million of new funds in June 2012, and another NZ$3
million in September 2012. These steps reflect GFNZ's New Zealand
Stock Exchange announcement on Feb. 28, 2012, indicating FedPac's
assistance with ongoing financing needs. In our view, given the
proximity of the next scheduled payment date, the timely receipt
of invested proceeds is essential to avert possible negative
actions on GFNZ's creditworthiness," S&P said.

"Under the receivable finance scheme, interest is capped at
11.25% per annum, and funds will be invested for a maximum 48-
month term, with the initial 24 months paying interest only.
Invested amounts will be secured by eligible receivables, with a
20% equity buffer provided by GFNZ," S&P said.

"In addition to the receivable finance scheme illustrated above,
and among other funding initiatives, GFNZ is at final stages of
getting a new debenture prospectus to market. In our view, the
amounts invested are likely to be small in the initial months,
with the receivable finance deal pending and the next scheduled
repayment date drawing near. However, should new debenture money
reach substantial levels and demonstrate stable patterns, there
is scope to revisit our rating accordingly in the longer term,"
S&P said.

"We expect to resolve GFNZ's CreditWatch placement after the
settlement of the receivable finance deal with FedPac, should it
be successful in raising the required funds to meet the next
scheduled repayment," said credit analyst Harry Hu.
"Alternatively, we could take negative ratings action if the
receivable finance deal with FedPac were not successful in
raising the necessary funds as planned. A CreditWatch negative
placement indicates that we believe there is a 50% probability of
the rating being lowered in the short term."

"Over the longer term, and conditional on the receivable finance
deal be successful, there is scope for an upward revision should
new debenture money reach a substantial level and demonstration a
sufficient level of stability," S&P said.



=====================
P H I L I P P I N E S
=====================


VITARICH CORP: To Raise Capital Stock as it Seeks "White Knight"
----------------------------------------------------------------
BusinessWorld Online reports that Vitarich Corp. said in a
disclosure to the Philippine Stock Exchange on Tuesday that it is
tripling its authorized capital to make way for the possible
entry of new investors.

Following a special meeting on June 1, BusinessWorld relates that
the company's board approved to increase Vitarich's authorized
capital stock to PHP1.5 billion from a previous PHP500 million.

"The increase, if approved by the stockholders, will allow
flexibility in case the corporation finds 'white knight'
investors," Bulacan-based firm said without citing specifics.

BusinessWorld says the proposed capital increase will be up for
approval at Vitarich's annual stockholders meeting to be held in
Marilao, Bulacan, on June 29.

Vitarich further disclosed that 44 of its nationwide finance
staff availed themselves last Friday of the company's early
retirement program, the report adds.

Based in Bulacan, Philippines, Vitarich Corporation --
http://www.vitarich.com/-- is engaged in the manufacture and
distribution of various poultry products such as live and dressed
chicken, day-old chicks, and animal and aqua feeds.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.  The
company had blamed the Asian financial crisis of 1998 and the
avian flu outbreak in 2003 as the reasons behind its financial
woes.



=================
S I N G A P O R E
=================


STAR BULKSHIP: Creditors' Proofs of Debt Due July 1
---------------------------------------------------
Creditors of Star Bulkship Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 1, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Grimmett
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


TEOW AIK: Creditors Get S$0.15488 Recovery on Claims
----------------------------------------------------
Teow Aik Realty (S) Pte Ltd declared the first and final dividend
on May 30, 2012.

The company paid cash S$0.15488 to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


WALLPILE PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on May 25, 2012, to
wind up the operations of Wallpile Pte Ltd.

Resource Piling Pte Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


XINYA ADVERTISING: Creditors' Proofs of Debt Due July 2
-------------------------------------------------------
Creditors of Xinya Advertising Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 2, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Sim Guan Seng
         Victor Goh
         C/o Baker Tilly TFW LLP
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


YOSHIDA (S): Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 25, 2012, to
wind up the operations of Yoshida (S) Pte Ltd.

The Yoshida Dental Mfg Co Ltd filed the petition against the
company.

The company's liquidators are:

         Messrs Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809



=============
V I E T N A M
=============


INTERNATIONAL TEXTILE: Techcombank Takes Hold of ITG-PP's Assets
----------------------------------------------------------------
ITG-Phong Phu Ltd., Co., a majority-owned Vietnamese subsidiary
of International Textile Group, Inc., on May 25, 2012, entered
into an enforcement agreement with Vietnam Technological
Commercial Joint Stock Bank, pursuant to which Techcombank has
taken possession of the Security Assets.  The Enforcement
Agreement provides, among other things, that Techcombank has the
power to conduct a sale of the Security Assets within 60 to 90
days after the date of the Enforcement Agreement and within other
specified intervals thereafter, if necessary; and that the agreed
upon minimum selling price for the Security Assets is $40.0
million, subject to certain reductions.

In October 2007, ITG-PP entered into a seven year, $22.3 million
term loan agreement with Techcombank.  ITG-PP is also party to a
credit line agreement with Techcombank to provide short-term
working capital loans upon request.  The ITG-PP term loan
provides that outstanding amounts are to be repaid in equal
quarterly installments of $1.1 million, which began in February
2010.

In connection with the December 2011 determination by the ITG-PP
board of directors to idle ITG-PP, ITG-PP did not make the
required ITG-PP Term Loan repayment in February 2012.  As a
result, on March 10, 2012, Techcombank sent ITG-PP notice of an
event of default declaring all outstanding principal and accrued
interest under the ITG-PP Term Loan and short-term credit line
agreement immediately due and payable.  Pursuant to a security
agreement entered into in connection with the ITG-PP Term Loan,
this notice also gave Techcombank the right to, among other
things, take possession and dispose of all of ITG-PP's assets
which secured such indebtedness, which constitute all of ITG-PP's
assets other than certain equipment leased by ITG-PP from the
minority partner of the ITG-PP joint venture.

As of April 30, 2012, $20.6 million was outstanding under the
ITG-PP Term Loan and short-term credit line agreement, including
accrued interest.  These loans are non-recourse to ITG or any
other subsidiary of the Company.

The ITG parent company has related party loans outstanding to
ITG-PP of approximately $35.5 million as of April 30, 2012,
including accrued interest, of which $21.6 million is
collateralized by the assets of ITG-PP on a junior basis
according to the Enforcement Agreement.

In addition, ITG-PP is party to a lease agreement for the Kusters
Equipment that extends through June 2014.  The Company has
recorded this lease as a capital lease with a net book value of
$7.8 million as of April 30, 2012.  Through April 30, 2012, ITG-
PP had not made $5.2 million of scheduled principal payments on
this capital lease obligation, which constitutes an event of
default under the capital lease agreement.  The capital lease
obligation is non-recourse to ITG or any other subsidiary of the
Company.

As of April 30, 2012, the Security Assets had a net book value of
approximately $30.0 million.  Assuming an orderly disposition,
the Company has estimated that the fair value of the Security
Assets, net of selling costs, will be sufficient to satisfy (i)
the Techcombank obligations described above, (ii) any costs,
taxes and fees related to the sale, and (iii) a portion of the
related party loans payable to ITG, although there can be no
assurances in this regard.

The Security Assets and the Kusters Equipment support the entire
business operations of ITG-PP.  As a result of the execution of
the Enforcement Agreement and the default under the lease
agreement relating to the Kusters Equipment, the Company expects
that it will not regain control of those assets and that the loss
of control of the ITG-PP assets is, therefore, not temporary.
Consequently, ITG has deconsolidated ITG-PP as of May 25, 2012.
Accordingly, the financial position, results of operations and
cash flows of ITG-PP will not be included in the Company's
consolidated financial statements subsequent to May 25, 2012.

The Company expects to record a loss on deconsolidation of ITG-PP
in the quarter ending June 30, 2012.  As a result of the
significant uncertainties surrounding ITG-PP, the amount of the
loss on deconsolidation, including other costs related thereto,
cannot be estimated at this time.

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

The Company reported a net loss of $69.43 million in 2011,
compared with a net loss of $46.30 million in 2010.

The Company's balance sheet at March31, 2012, showed $432.77
million in total assets, $630.60 million in total liabilities and
a $197.82 million total stockholders' deficit.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
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Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
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definitive compilation of stocks that are ideal to sell short.
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sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
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                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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